05:17 PM EST, 12/02/2024 (MT Newswires) -- Indie Semiconductor ( INDI ) said Monday it intends to start a $175 million private offering of convertible senior notes due 2029.

Initial buyers in the offering will get a 13-day option to purchase up to an additional $26.3 million notes, the company added.

Net proceeds from the offering will be used to pay the cost of the capped call transactions, as well as working capital and general corporate purposes, according to Indie.

Shares of Indie Semiconductor ( INDI ) fell 17% in after-hours activity.